Growing health consciousness among youth and adults around the globe and rising demand for fitness trackers has enticed the development of smart water bottle with wireless technology. Inclination towards fitness activities among the population is projected to boost the growth of the smart water bottle market. According to the International Health, Racquet, and Sportsclub Association (IHRSA), in 2017, the global health club industry was valued at about $87.2 billion. Furthermore, the rising number of fitness enthusiasts along with the emerging technology of connecting smart wearable devices, and smartphones to the gym accessories to track their performances and fitness activity are the major factors fuelling the growth of this market. Technological innovations in the fields of Artificial Intelligence (AI) and the Internet of Things (IoT) have resulted in the development of mobile apps that provide information to smart water bottle users regarding their hydration level and intervals of water intake. The increasing awareness for ample water consumption among people of different age groups is anticipated to impel the market growth. The global Smart Water Bottle Market size was valued at $8 million as of 2018 and is anticipated to grow with a CAGR of 22.9% throughout the forecast period 2019-2025.
A smart water bottle generally connects to either Android or an iOS device via Bluetooth, using a mobile app on a smartphone, and it accurately tracks water consumption of individuals. The growing consumption of bottled water is one of the key factors driving the growth of the smart water bottle market. Smart water bottles have special features such as notifying the user about the level of hydration based on the amount of water consumed over a time period, sharing real-time data with smart devices such as mobile phones or tablets, and maintaining the temperature of water in the bottle. These interactive water bottles send notifications to users to drink enough water throughout the day and can vibrate and glow when it’s time to hydrate. A rise in spending power of the population around the world and the increased demand for smart fitness devices across developed and developing economies are also triggering the growth of the smart bottle market size.
Furthermore, advancement in sensor technology and a significant rise in e-commerce are also driving this market globally. Rising adoption of sophisticated gadgets with new features along with health and fitness consciousness is expected to augment the market growth in upcoming years. Moreover, technological advancements that are taking place in the fields of materials has resulted in the development of Bisphenol A (BPA) free polymer, Tritan, which is used for manufacturing the bottles. A rapid rise in per capita income of the population and enhanced consumer experience are the influencing factors impelling the growth of the smart water bottle market.
North America Holding Major Share of the Smart Water Bottle Market
North America generated 35% of the smart water bottle global revenues in 2018. Increasing the purchasing power of costumers and higher acceptance of advanced technologies in this region are the major factors for the growth of the smart water bottle market. Strong technology embedded gym accessory manufacturing capabilities and rising number of fitness enthusiasts are other prominent factors for this market growth in North America. According to IHRSA, in 2017, the health club market size of the U.S. alone was valued at $30 billion. Increased health consciousness and high obesity rates among the population is triggering the smart water bottle market share in this region. A rise in adoption of smart wearable technology is another key factor for this industry growth in North America.
The application segment that will be creating the most lucrative opportunities for the smart water bottle market is hydration tracking. This application segment is projected to grow at a CAGR of 26.15% through to 2025. Smart water bottles automatically provide an update to the user on the hydration level in the body according to the information gathered by the bottle and track the time and amount of water intake. Nowadays, fitness enthusiasts are increasingly selecting gadgets with advanced features that enhance their experience of daily workouts, subsequently increasing the demand for the smart water bottle market.
The Major Players in the Smart Water Bottle Market:
Prominent players in the smart water bottle market include Caktus, Inc., Ecomo, Groking Lab Limited, Hidrate Inc., HydraCoach, Inc., Moikit, Open-2, LLC, Out of Galaxy, Inc., Thermos L.L.C., and Trago, Inc.
Innovation is paramount to carve out a niche for market players in this competitive market. As a consequence, key companies are launching innovative products embedded with efficient technology for better engagement. For instance, Hidrate Inc., an American-based smart water bottle manufacturer, has introduced a new series of water bottles Hidrate Spark 3, which tracks the water intake using a smart lid containing sensors. This smart bottle is available with multicolored LED lights, which will glow in various patterns that can be set from the mobile app and notify the user about the level of hydration.
Mergers and acquisitions are the other key strategies adopted by the players to stay ahead of their competitors. Thermos L.L.C., German-based manufacturer of water bottles, vacuum insulated mugs, and food and beverage containers has announced its acquisition with Lifefactory, Inc., an American-based water bottles manufacturer on July 27, 2017. With this acquisition, Thermos enhanced its product portfolio with portable glass hydration technology, which, in turn, led its vision to become the most innovative and inspirational premium hydration brand in the world. Such joint ventures aid the market players to expand their geographical boundaries and accentuate their footprint into the global smart water bottle market.
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